Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) signed a one-year, SAR 44.36 million contract, on June 1, with Banque Saudi Fransi, a related party, to provide insurance coverage for the credit life insurance product.

 

The policy covers the borrowers against death or disability, the insurer said in a statement to Tadawul today, June 3.

 

 

The contract is expected to positively impact the company's financial results for the period ending Dec. 31, 2022.

 

Mazen Al-Tamimi, a board member of Allianz SF and Executive Director of Banque Saudi Fransi, has an indirect interest, the statement noted.

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